Legal News
 

Rajasthan:Public Service Guarantee Act implemented

With an aim to provide public services in a time-bound manner,the Rajasthan government on Monday implemented the Public Service Guarantee Act in the state.

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Legal Audit
 What are the implications/Significance of legal audit vis-a-vis other audits like  tax audit, Financial audit Company audit etc?

The distinctive and distinguishing difference between Legal Audit and other Audits like Tax Audit, Financial Audit, Company Audit etc. are that all these Audits other than Legal Audit are invariably conducted after the completion / closure of the financial years for which period the audit is to be undertaken; i.e. it is post audit – whereas the Legal Audit commences right from the Day One of the commencement of the Project on hand or from the very inception of the Project in the offing to be implemented., so to say it is pre-audit.

THE SIGNIFICANCE AND IMPLICATION of Legal Audit is to identify the potential, present and prospective legal problems by the legal audit team, even in the initial stages of the commencement of the Project / Undertaking / Joint Business ventures, Collaboration arrangements, agreements signed mutually between the parties interse –which is entrusted with the Legal Audit of the Company or Corporate Company as the case may be, for an introspection and thorough review / re-casting the Company’s plans, operations and strategies to reduce if not to eliminate the potential and vulnerable legal risks / dangers the Company is prone to, with comprehensive coverage of the entire procedures, rules, regulations, and covenants, undertakings, agreements signed with proposed and existing buyers / creditors suppliers etc. including the staff employed in the Company
Each and every paper right from the licenses / permits issued to the Company including the protracted correspondence exchanged pertaining to pending legal actions / litigations will be screened and analyzed and the legal lacunae will be diagnosed to find out effective key solutions viable and feasible to safeguard the individuals / companies / undertakings from incurring financial losses / paying penalties / fines etc. within the four corners of law.

 

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